LONDON - Mosman Oil and Gas Limited (AIM: MSMN), an exploration and production company specializing in helium, hydrogen, and hydrocarbons, has provided updates on two of its key projects: the Vecta Helium Project in Colorado, USA, and EP-145 in the Amadeus (BME:AMA) Basin, Central Australia.
For the Vecta Helium Project, in which Mosman holds a 20% working interest (WI), progress has been slower than anticipated. The project operator had previously indicated that drilling would commence in 2024. However, they have not yet secured a drilling rig. The search for a rig is ongoing, and drilling is expected to begin shortly after a rig is contracted, with the potential to start within days of securing the necessary equipment.
In contrast, the EP-145 project, where Mosman has a 100% WI and acts as the operator, has seen substantial advancements. The project recently received two critical approvals: the Environmental Management Plan, submitted on November 26, 2024, and the Aboriginal Areas Protection Authority (AAPA) Clearance Certificate. These developments mark significant progress in the project's timeline.
Andy Carroll, CEO of Mosman, expressed satisfaction with the advancements at EP-145 but conveyed disappointment regarding the delayed drilling at the Vecta Helium Project. Despite this setback, Carroll highlighted the Vecta project's appeal, citing low drilling costs, high helium concentrations in the region, and proximity to existing production infrastructure.
Mosman's announcement is considered inside information as defined by the Market Abuse Regulations (MAR), and with its release to the public, it is now in the public domain.
The information in this article is based on a press release statement from Mosman Oil and Gas Limited.
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